Producing a homogeneous product occurs in which of the following industries?
A) monopolistic competition and perfect competition
B) perfect competition only
C) oligopoly, monopolistic competition, and perfect competition
D) oligopoly and perfect competition
Question 2
A firm that has the ability to control to some degree the price of the product it sells
A) is also able to dictate the quantity purchased.
B) faces a perfectly inelastic demand curve.
C) is a price maker.
D) faces a demand curve that is inelastic throughout the entire range of market demand.